cryptocurrency theft News

Software Developers Launching Type of Insurance Cover for Cryptocurrencies

Adventurers in what is perhaps the most lucrative and risky corner of the cryptocurrency world are starting to see a bit of a safety net. In the past year, scores of investors big and small have poured billions into decentralized-finance …

Cryptocurrency Crime Drops in 2020 but ‘Decentralized Finance’ Losses Rise: Study

Losses from cryptocurrency theft, hacks and fraud fell 57% last year to $1.9 billion, as market participants boosted security systems, but crime in the “decentralized finance” space continued to grow, a report from crypto intelligence company CipherTrace showed. Criminals got …

Many Financial Firms and Governments See Cryptocurrencies as Risky: Survey

Financial firms and governments overwhelmingly see cryptocurrencies as risky, a major survey found on Tuesday, with the potential for bitcoin and other digital tokens for use in money laundering and sanctions busting among the chief worries. Around 60% of respondents …

Cryptocurrency Firm Quadriga Collapsed Due to Late Founder’s Ponzi Scheme: Regulator

Last year’s collapse of Canadian cryptocurrency trading platform QuadrigaCX was due to a Ponzi scheme operated by founder Gerald Cotten, who died suddenly in December 2018, the country’s biggest securities regulator said on Thursday. Cotten died at age 30 from …

Cryptoasset Insurer Evertas Receives License to Operate in Bermuda

Cryptoasset insurer Evertas has received a license from the Bermuda Monetary Authority to start operating from the jurisdiction. Evertas’ operations in Bermuda will now aim to start issuing policies for theft or loss of cryptoassets, with a view to securing …

Lloyd’s Launches Cryptocurrency Wallet Insurance Policy

Lloyd’s has launched an insurance policy to protect cryptocurrency held in online wallets against theft or other malicious hacks. The first of its kind liability policy, with flexible limits from as little as £1,000 (US$1,281), was created by Lloyd’s syndicate …

Cryptocurrency Fraud Losses Surge to $4.4 Billion: CipherTrace Report

Cryptocurrency theft has surged in 2019 compared with last year, with more money flowing through digital exchanges and criminals looking to carry out bigger heists, according to a report from blockchain forensics company CipherTrace obtained by Reuters. Losses from digital …

Arch Insurance (UK) and Marsh Launch ‘Blue Vault,’ Insurance Cover for Digital Assets

Arch Insurance (UK) Ltd., in collaboration with Marsh, the insurance broker and risk adviser, announced the launch of Blue Vault, a new solution to provide insurance protection for the secure storage of digital asset private keys held in traditional vault …

UK Markets Regulator Warns of Dangers of Unregulated Cryptocurrencies

Britain’s markets watchdog said on Wednesday that bitcoin and other cryptocurrencies have no intrinsic value and offer consumers few protections, but added that such coins fall outside the scope of its powers. The Financial Conduct Authority said crypto markets were …

Investigation Uncovers Mystery of Quadriga’s Missing Cryptocurrencies Worth Millions

It’s looking more and more like QuadrigaCX founder Gerald Cotten mismanaged the digital-asset exchange before he died, with cryptocurrencies from clients ending up at rival marketplaces in his personal accounts. The latest report from Ernst & Young, which is overseeing …